Where are my funds stored?
So where are your funds stored? It is important to understand how Atomic Wallet and blockchain work. It may look like your funds are stored in Atomic Wallet itself, while, in fact, they are not. To be accurate, your funds are stored on the blockchain. Atomic wallet is an interface that displays the information about your assets in a user-friendly interface. Now let’s talk in detail!
Your funds are safely stored on the blockchain.
Blockchain is a universal public record book that keeps track of all the operations with the corresponding coin. The blockchain technology emerged for BTC in 2009. Blockchain is effectively a lot of data, which is shared between computers around the world. That’s why it’s called decentralized.
So, unlike keeping your funds in the centralized bank, which holds the funds, creates you an account, but also has the power to freeze the funds and is prone to attacks, storing your funds on the blockchain means anonymity and increased safety. There are no accounts, but addresses. The address can only be accessed by a private key. The private key is like a log in to your bank account.
Your private keys – your funds. Atomic Wallet gives you full access to your funds, by providing you with private keys to all of your coin’s addresses.
We recommend keeping both your private keys and mnemonic phrase in high safety. Never share your keys or mnemonic seed with anybody, including the members of our team.
What does Atomic Wallet do?
Atomic Wallet provides access to your funds on the blockchain. The algorithms within the wallet create a full range of private and public key pairs for every asset from a mnemonic seed phrase.
Important: while you are able to see your private keys and mnemonic seed phrase within the wallet, this private data is only stored on your device and nowhere else.
Atomic Wallet connects directly to the blockchain or block explorer nodes, takes the information about your balance and transactions from there and displays it for you in a user-friendly format.
To perform the transaction, the wallet creates a transaction and signs it with a private key. And then sends it to a node.
What does it mean that my funds are stored on the blockchain?
No displaying issues within the wallet can affect my funds as they are stored on the blockchain.
By keeping in mind that your funds are stored on the blockchain you save yourself from stress and hustle. Blockchain has proved to be one of the safest existing ways to manage funds. The best thing about it – transparency. You can always check if your funds are on your address, what is your balance, what is the status of the transaction.
Check our guides on how to do it:
Whenever something is wrong within your wallet interface. For example, your balance is incorrect or shows zero, the deposit has not arrived etc. You can always check this information on the block explorer. The issues within the wallet are related to the connection errors.
The issues within the wallet don’t affect your funds, as long as the information on the blockchain is correct.
Atomic Wallet Team doesn’t have any access to my funds.
What is also important is that Atomic Wallet Team has no access to your funds. Nobody can access your funds on the blockchain without your private key or mnemonic phrase. You are the only master of your funds.